Gold jumped near two month high on strong speculative demand and prospects of continued Indian buying. India's Gold imports came in at Rs 13554 crores in July 2017, up by 87% on July 2016. The Silver imports came in at Rs 1133 crores, soaring by 209%. The figures in US dollar terms were 2102 Million dollar and 176 Million Dollar, marking a spurt of 95% and 222% respectively. COMEX Gold is quoting at $1290 per ounce, up 0.56% on the day. MCX Gold futures are trading at Rs 29158 per 10 grams, up 0.71% on the day.

Large speculators strongly added to their bullish net positions in the Gold futures markets this week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 148,837 contracts in the data reported through Tuesday August 8th. This was a weekly gain of 19,165 contracts from the previous week which had a total of 129,672 net contracts.

Speculative positions rose for a third consecutive week and are now at a seven week high. The commercial traders position, categorized by the CFTC as hedgers or traders engaged in buying and selling for business purposes, totaled a net position of -159,511 contracts on the week. This was a weekly decline of -16,126 contracts.

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US Gasoline Production Running Near Record In First Seven Months Of 201717-Aug-2017 (17:40)

Gasoline production by U.S. refiners and blenders has run near record levels over the first seven months of 2017, with four-week rolling average production well above its five-year average and close to the top of its five-year range, according to a latest update from the EIA. US gasoline inventories also remain relatively high despite growing domestic and foreign demand.

Growth in US gasoline production since March is the result of record-high refinery runs. For the week ending April 21, 2017, U.S. refinery runs exceeded 17.5 million barrels per day (b/d) for the first time since EIA began publishing the weekly data series in 1990. Refinery runs have since exceeded this threshold eight additional times, reaching an all-time high of 17.9 million b/d the week ending on August 4, 2017. About 44% of the input to refineries is converted to motor gasoline.

Net production of finished motor gasoline, which averaged 9.3 million b/d for the week ending August 11, reflects the unadjusted refiner and blender net production of finished motor gasoline less the use of fuel ethanol in order to isolate the petroleum component. This quantity is 191,000 b/d lower than the five-year high for early August but still more than 492,000 b/d higher than the previous five-year average.

The recent report from World Bureau of Metal Statistics is out in public domain. The report mentioned that copper market recorded a deficit of 41 kt in January to June 2017 which follows a deficit of 68 kt in the whole of 2016.

Reported stocks fell during June and closed 71 kt higher than at the end of December 2016. No allowance is made in the consumption calculation for unreported stock changes, particularly in the Chinese government stockpile. World mine production in January to June 2017 was 10.1 million tonnes which was 0.1 per cent lower than in the same period in 2016.

Global refined production for January to June 2017 was 11.67 million tonnes up 1.6 per cent compared with the previous year with a significant increase recorded in China (up 329 kt) and a reduction in Chile (down 168 kt).

Global consumption for January to June 2017 was 11.71 million tonnes compared with 11.88 million tonnes for the same months of 2016. Chinese apparent consumption in January to June 2017 fell by 271 kt to 5659 kt compared to the same months of 2016 and represented just over 48 per cent of global demand. EU28 production rose by 8 percent and demand was 1715 kt, 3.1 per cent below the January to June 2016 total. In June 2017, refined copper production was 2016.5 kt and consumption was 2013.4 kt.

India's Gold imports came in at Rs 13554 crores in July 2017, up by 87% on July 2016. The Silver imports came in at Rs 1133 crores, soaring by 209%. The figures in US dollar terms were 2102 Million dollar and 176 Million Dollar, marking a spurt of 95% and 222% respectively.

Gold slipped from near two month highs as global stocks edged up on the first day of the week. The metal had soared on geopolitical worries last week. A continued selloff hit stocks as investors pared their riskier positions amid rise in geopolitical tensions between the US and North Korea. This benefited the metal and COMEX Gold soared near $1300 per ounce mark. However, equities raced up today as markets reverted back to the theme of generous earnings and also considered the nice shape global economy is placed right now. Stocks rose around 1% in Asia and European equities are also showing similar gains. COMEX Gold is down 0.43% at $1288 per ounce right now. MCX Gold futures tested lows near Rs 29000 per 10 grams and currently trade at Rs 29070 per 10 grams, down 0.46% on the day.

Except in Sri Lanka, pepper prices at other major markets witnessed an increasing trend. A significant increase was recorded in Viet Nam as prices soared by more than 10%. Local price of black pepper in Lampung and Sarawak also increased by 6% and 4% respectively. Indian prices also gained around 5-6%.

Weak sowing trend of kharif pulses along with strong demand in physical mandies have increased chana prices more than 2% in futures market. The market sources stated that strong demand of other pulses such as tur and moong due to local festival has augmented the demand of chana at Lawrence road. Moreover, fragile sowing trend of kharif pulses is also supporting the chana prices at lower levels. As per the latest data compiled by Ministry of Agriculture, pulses acreage is reported at 127.98 lakh hectares so far against 129.59 lakh hectares in the year-ago period. The NCDEX September futures increased by 2.51% to close at Rs 5530 per quintal.

As per the latest data collected from Solvent Extractors' Association (SEA), the import of vegetable oils during July 2017 is reported at 1,524,724 tons compared to 1,140,685 tons in July 2016 i.e. up by 34%, consisting of 1,489,137 tons of edible oils and 35,587 tons of non-edible oils. The overall import of vegetable oils during first nine months of current oil year 2016-17, Nov.'16 to July '17 is reported at 11,388,296 tons compared to 10,903,728 tons last year i.e. up by 4%.

Global Copper major Glencore is betting on Copper and Zinc. Diversified global miner Glencore has significant growth options in copper and zinc, the prices of which are benefiting from the roll-out of electric vehicles and energy storage, as per the CEO Ivan Glasenberg. By 2019, more copper would be coming from mines such as Glencore's Katanga, BHP Billiton/Rio Tinto's Escondida and Glencore/Anglo American's Collahuasi, but less from other major producers. The group, has coal mines and ferrochrome smelters in SA.

Copper maintained winning stream in July with prices rising for seventh month in a row. Copper prices gained on a month on month basis. World refined copper balance for the first four months of 2017 indicates a surplus of around 80,000 tonnes. In the first four months of 2017, the world refined copper balance adjusted for changes in Chinese bonded stocks indicates a surplus of around 220000 tonnes. World refined production is estimated to have remained essentially unchanged in the first four months of 2017 with primary production (electrolytic and electrowinning) declining by 2% and secondary production (from scrap) increasing by 12%. World apparent refined usage is estimated to have declined by around 3% in the first four months of 2017.

COMEX Gold prices continued to rally Friday as the U.S. and North Korea exchanged mutual threats. Dec. gold settled at $1,294/oz, up $3.90, or 0.3%, for the session, and was up 2.3% for the week, rising to a 2-month peak. In economic news, official data showed a modest uptick in consumer prices in the U.S. in the month of July. The Labor Department said its consumer price index inched up by 0.1 percent in July after coming in unchanged in June.

Economists had expected prices to rise by 0.2 percent. In an apparent response to Trump's comments, North Korea threatened to carry out missile strikes on Guam, which is home to a U.S. Naval base. In economic news, wholesale inventories in the U.S. rose by slightly more than expected in the month of June. The Commerce Department said wholesale inventories climbed by 0.7 percent in June after rising by an upwardly revised 0.6 percent in May.

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Natural Gas Off Two Week High 11-Aug-2017 (18:13)

The MCX Natural Gas futures stayed slightly weak today as global prices eased from a two week high. Markets mostly pressed lower around the globe on the standoff between US and North Korea and Natural Gas futures dropped from highs near $3 per mmbtu. The counter currently trades at $2.97 per mmbtu, down 0.37% on the day. MCX Natural Gas is trading at Rs 191.80 per mmbtu, down marginally on the day. The prices stayed elevated yesterday after the latest Energy Information Administration (EIA) natural gas storage data recorded a build of 28 Billion Cubic feet (Bcf) for the week ending August 4th. The increase was above the 20 Bcf recorded last week, but significantly below consensus forecasts of a 36 Bcf increase. Stocks overall are 8.3% below the year-ago level and 2.0% above the five-year average and the narrowest margin above the 5-year average seen since the first quarter of this year.

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Copper Declines in Session Trades on MCX11-Aug-2017 (17:49)

Indian Copper was trading at Rs 409.7 per kg, declining in evening trades. The prices were down 0.41% when last checked. Meanwhile, Global Copper major Glencore is betting on Copper and Zinc. Diversified global miner Glencore has significant growth options in copper and zinc, the prices of which are benefiting from the roll-out of electric vehicles and energy storage, as per the CEO Ivan Glasenberg.

By 2019, more copper would be coming from mines such as Glencore's Katanga, BHP Billiton/Rio Tinto's Escondida and Glencore/Anglo American's Collahuasi, but less from other major producers. The group, has coal mines and ferrochrome smelters in SA.

Copper maintained winning stream in July with prices rising for seventh month in a row. Copper prices gained on a month on month basis. World refined copper balance for the first four months of 2017 indicates a surplus of around 80,000 tonnes.

In the first four months of 2017, the world refined copper balance adjusted for changes in Chinese bonded stocks indicates a surplus of around 220000 tonnes.

World refined production is estimated to have remained essentially unchanged in the first four months of 2017 with primary production (electrolytic and electrowinning) declining by 2% and secondary production (from scrap) increasing by 12%. World apparent refined usage is estimated to have declined by around 3% in the first four months of 2017

The total sown area as on 11th August 2017, as per reports received from States, stands at 943.45 lakh hectare as compared to 936.95 lakh hectare at this time last year. This is a rise of around 0.70% on year. Area under Cotton has jumped 18.25% while Sugarcane acreage is up nearly 9%. The Rice acreage is up 2% while area under Coarse cereals is down 1.45%. Oilseeds acreage is down nearly 10% though.

On 11 August, the IMD sees heavy to very heavy rain at a few places with extremely heavy falls at isolated places very likely over Sub­Himalayan West Bengal & Sikkim; heavy to very heavy with extremely heavy falls at isolated places over Bihar, East Uttar Pradesh and Assam & Meghalaya; heavy to very heavy at isolated places over Himachal Pradesh, Uttarakhand, Arunachal Pradesh and Nagaland, Manipur, Mizoram & Tripura and heavy at isolated places over West Uttar Pradesh and Jharkhand.

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